Ronan Lyons: Absence of bubble doesn't mean market is healthy
Despite population growth of almost 5 per cent in just five years, housing stock has barely budged
There are six key forces that have driven Irish house prices over the last 40 years. We can set to one side the least interesting of the six, the general price level – if the price of everyday items has trebled since the 1980s, then you would expect the price of housing to do the same.
The five other factors are the ones that economists focus on when thinking about real (ie inflation-adjusted) housing prices. There are...
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